market research - semester 1 Flashcards
what is the market research process?
1) Identify research problem/issue - what are you trying to find out? e.g ‘how should we price this?’ ‘what features should we prioritise?’
2) determine the research design - what methods will you use to collect the data/info you need? how will you go about incentervising people an how will you chose your sample?
exploratary research is used when there is little detail of the subject e.g focus group
3) plan/collect data - this stage is where you create questions if chosen method is survey or materials for moderator if it’s a focus group
4) interpret/analyse data - this stage is where you look at the data for patterns and trends. did you achieve what you wanted? make reccomendations and draw conclusions
5) present findings- create graphs/charts to summarise data, make sure its written in a way which isn’t bias and finally communicate how steps to find results and reccomendations
what is marketing research?
the process businesses take to keep up to date with the market and gain a comeptitive advantage.market research allows the business to predict what may happen and what is happening in the current market which helps business plan and make decsions best suited to the situation
what are the roles of market research?
identify issues in the business
understand the needs of current and new customers
idenitfy new business oppotunities in changing markets
increase customer base by expanding geogrpahically
encorprate customer needs into strategic plan
set realsitic targets for product devlopment and growth
+ - of focus group
Advantages: Cost effective Idea creation Group dynamics Large amounts of ‘rich’ data Limitations: Dominant group members No anonymity Generalization of results is limited
+ - of online survey
Advantages: Use animation and graphics Sample recruitment ‘Intelligent’ questioning Simultaneous global reach Fast Limitations: Respondent identity? Are online customers representative of population? Body language and eye contact? Technical issues
+- of postal surveys
Advantages: Wide geographical area Inexpensive Eliminates interviewer bias Anonymity Large samples Limitations: Low response rate Respondent identity Slow returns Understanding / honesty
+- personal interviews
Advantages: Highly flexible Determine understanding Can use longer questionnaires Prompts Limitations: More expensive than mail and telephone surveys Sensitive issues Interviewer bias
+- telephone interviews
Advantages: Response rate higher than mail surveys Flexibility Low cost Immediate results Limitations: Cooperation Misunderstandings / accents Ex-directory households – bias? Limited questionnaire length / content
what is observational research?
Can be combined with interviews Gains greater insights Natural behaviour Limitations: Hawthorne effect Analysis can be problematic Descriptive info Ethical concerns
what is experimental research?
undertsnading the causes and effects of relasionships
conducted in lab or in the field
e.g drug A cures disease B
what makes a good questionaire?
relevant questionaire method (multi choice, likert ect)
clear wording and phrases
avioding leading q’s
sensititiy where possible - e.g dont say so you have huge debt
being open to more than 1 interpretation (ambiguity)
questionaire methods?
open ended questions likert scales 1-5 multi choice semantic differntial - BAD 1-2-3-4-5 GOOD ditchotomous - yes/no
ethical issues with market research?
recording data in a bias mannor
lying/misleading to paritcipant
inconvienicing people
